Do Directors Need to Have Professional Industry Experience?
Board members should have professional industry experience. Each board member must understand, or learn quickly, SOCAN’s business environment so that they can help to develop effective strategies, make informed business decisions, and monitor results.
That said, we recognize there is value in including individuals with less rights industry knowledge, but who offer personal qualities and behavioural skills that would bring incremental value to the Board. These individuals would need to display the capacity to learn quickly to understand how the business works.
In order to assist new and less experienced directors, the Board uses a “buddy” system for mentoring elected members. An experienced SOCAN director is partnered with each new director. In addition, the new, less experienced director may call on the president of the Board or any other director for assistance and guidance.
What Specific Knowledge and Additional Skills Do We Need on the Board?
To be effective, all directors should have the financial acumen to read and understand financial statements. In addition, those members on the Risk Committee should have a deeper level of financial literacy in order to understand more detailed financial and risk-oriented documents. SOCAN will subsidize educational sessions for directors where need is identified.
Clear communication, common sense, financial analysis, the ability to prioritize multiple and complex issues, perform as a member of a team, and contribute to collective decision-making.
Ability to put aside the necessary time to read, evaluate and understand Board material sent in preparation for Board, Committee and Special meetings.
Ability to attend Board meetings.
Number of meetings per annum includes:
- Board: (4);
- Risk Committee (4);
- Tariff Licensing and Distribution Committee (4);
- Membership Committee (4);
Plus additional meetings as required.
Normal participation for a Director includes the Board meetings and meetings related to one out of the three committees.
Consecutive day meeting attendance, e.g., Board Meeting on one day and committee meetings possibly before and/or after the Board meeting day.
Willingness to travel to various destinations to attend Board and Committee meetings, as required.
Computer literacy: a director must be able to navigate the Directors’ secure website and receive, open and work with documents electronically (through the website and via email).
Willingness and ability to take the necessary courses/seminars (subsidized by SOCAN) to fill the gaps in one’s background to ensure effectiveness as a director.
Ability to represent SOCAN and the Board to members and other stakeholders.